Did you know that housing prices increased as much under Trump as they have under Biden? They did:
If you adjust for inflation the increase is bigger under Trump than Biden. Unexpected, perhaps, but true.
Cats, charts, and politics
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Yeah, but that was 4 years ago, and nobody can remember that far back into ancient history.
I'm working on figuring out where I put my car keys.
But it doesn't feel that way!!!
Interest rates were lower though, which meant more purchasing power for the monthly payment, that is mostly what people are remembering
This is a really dumb thing to chart and write about like this.
First, housing is under-weighted in inflation, but I'm not going to get into that *again*.
Second, as others noted, this is pure sticker price and not about purchasing power (i.e., monthly payment).
Third, 8 years isn't a very long timeline to look at something like this.
Fourth, is this supposed to be a GOOD thing? It's not an unmitigated bad thing, but it's more bad than good in our current reality.
Lastly - what point are you trying to make, exactly?
Seriously, this is a good thing to chart. The common perception is that housing costs ran out of control under Biden, with the implicit assumption that under Trump housing prices were far more stable and affordable. And the examples used to make that case were usually sticker prices.
So the CW was wrong. There's nothing wrong with pointing that out.
+1
We know purchasing power with interest is lower - that's the Fed and it's intentional to curb inflationary pressures.
Like, people want to eat up their pie and have it still in front of them.
I thought the common perception was that housing prices have been rocketing upwards for years, not that it had anything to do with Biden. I'm sure somebody somewhere is making that argument, but there's almost exactly nothing that either of them did that could have impacted the housing market. It's about structural factors, including the Fed's policies, which remain (for now) independent of the president.
And if that's Kevin's argument, he sure left it... subtle.
This seems like a blatant violation of the OFFICIAL NARRATIVE! Be careful. That kind of stuff is not allowed in the public discourse. Especially now.
People are not supposed to talk about inflation unless it was higher under Biden.
So, what about bacon? What about eggs? What about the cost of sex trafficking 17-year-old girls for Florida congressmen? I'm pretty sure these were all cheaper under Trump.
OT, but you just reminded me about the price of eggs. I understand how economics works in a market with inflexible demand and no close substitutions, but it seems like there just might be something wrong with a segment of the food industry where viruses have led to mass killing of laying hens for about the entire past three years or so.
The prices right now are higher than they ever were before. There have been maybe one or two noticeable short dips in egg prices, I guess when they were between viruses for a bit. I also understand that the dollar is worth about 20% less than it was four years ago due to mainly COVID related inflation.
The food industry with concentrated feed lots and controlled by a few major players who off load risk onto contract farmers distorts market conditions.
It didn't have anything to do with Trump or Biden, though. It was the Fed dropping interest rates when Covid hit to help keep the economy moving. All that low cost money made investors and wealthy people go on a buying binge, which drove up prices (that and the increased interest in working remotely from cooler places that where you live).
Too much capital sloshing around.